October 2022 Kettera Strategies Trend Analysis
In the financial world, October 2024 proved to be a significant month for various hedge fund strategies. Here's a roundup of the key developments across different sectors.
The Eurekahedge Relative Value Volatility Hedge Fund Index, a benchmark for volatility-focused strategies, did not provide specific performance data for Systematic Trend Managers, Discretionary Global Macro Managers, Quantitative Macro Managers, Commodities-Only Programs (Diversified Multi-Sector), or Commodities-Only Programs (Agricultural Specialists) in October 2024. However, insights from related asset managers and hedge fund strategies in the subsequent period offer some valuable insights.
Discretionary Global Macro Managers appeared to have outperformed Systematic Trend Managers in 2025, according to Wells Fargo's August 2025 update. This was primarily due to better navigation of markets affected by trade policy, central bank actions, and geopolitical events, leading to significant outperformance for Discretionary Global Macro sub-strategies.
Commodities-focused programs and energy hedge funds experienced a notable shift in positioning starting from October 2024. Hedge funds moved from bullish to predominantly short oil stocks while reducing shorts on solar and renewables. This adjustment in exposure likely reflects changing fundamentals in global supply and demand, oil oversupply concerns, and a pivot toward green energy sectors.
Quantitative Macro Managers' exact performance in October 2024 remains unreported, but given that systematic trend strategies have lagged discretionary macro strategies in 2025, it is reasonable to infer that some quant macro approaches, often systematic, may have underperformed discretionary peers.
Agricultural Specialists and Diversified Multi-Sector Commodities did not yield any concrete performance data for October or the year 2024.
In the currency sector, short JPY positions were a winning stance for most systematic trend programs, with short JPYISD being the most prominent.
The performance in the commodities markets was mixed for systematic trend programs, with losses in energies and base metals markets, but gains in gold and grains/soft markets. For many quant macro programs, commodities markets appeared to be the most fertile ground in October, with positions in the energy and agricultural markets being particularly profitable.
In livestock markets, those ag specialists that traded the softs largely did so unsuccessfully, particularly if long coffee and/or cotton. Corn and soybean futures, however, were particularly calm in October, with long positions in corn and soybeans/soymeal/soybean oil being profitable.
The Barclay Hedge Fund Multi Strategy Index, Barclay Fixed Income Arbitrage Index, Societe Generale Trend Index, Societe Generale Short-term Traders Index, Eurekahedge Event-Driven Hedge Fund Index, Eurekahedge AI Hedge Fund Index, Barclay Agricultural Traders Index, Bridge Alternatives Commodity Hedge Fund Index, Eurekahedge Asset Weighted Multi Strategy Asset Weighted Index, and Barclay Discretionary Traders Index are all financial benchmarks, but did not provide specific performance data for October 2024.
Lastly, cash cattle prices surged higher in October, making long positioning in cash cattle profitable. The Barclay Hedge Crypto Traders Index, a benchmark for crypto trading strategies, did not provide specific performance data for October 2024.
In conclusion, while specific performance data for certain sectors and strategies were not available, the October 2024 market landscape showed a shift in commodities and currency positions, with discretionary macro managers outperforming systematic trend managers and commodity hedge funds notably shifting from oil long to short positions. The exact performance of quantitative macro and commodities-only programs in October 2024 remains unreported in available sources.
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